Council approves sale of First Security Bank building; buyer plans multifamily redevelopment

The Rock Springs City Council on Dec. 16 approved Resolution 2025-152, authorizing the sale of municipal property known as the First Security Bank building at 502 South Main Street to buyer Cody Watts.

During discussion of Resolution 2025-152, Cody Watts addressed the council about his redevelopment plans. "I'm looking, doing some feasibility studies right now, but looks like, probably the most viable option is turning it into multifamily," Watts said, explaining he is studying a mix of two-bedroom and one-bedroom units with possible main-floor retail and basement storage. He estimated the building could hold about 17 apartments and acknowledged parking will be a challenge: "On-street parking ... it looks like we'll be able to fit about 17 apartments in there," he told councilors.

Watts said he has worked on the property since 2019 (as a leasing agent for prior preleasing efforts) and has engaged an architect and feasibility consultant to develop plans. Councilors asked about prior experience and project viability; Watts said he has been involved in similar retail, multifamily and redevelopment projects since about 2010.

Councilors generally expressed support for downtown redevelopment, saying reuse of the building should spur activity in the core. Council moved to approve Resolution 2025-152 and the motion carried unanimously.

Council also asked follow-up questions about parking and financing; Watts said those details remain under study and he will present formal plans to the city as they are finalized.

Next steps: staff will execute the purchase contract as authorized by the resolution and the buyer will continue feasibility and design work before returning with any required building- or land-use applications.